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公司报告ㄧ年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E货币资金1509.78185.0718992049172810.69295211417221530.76241803926376.961917201560.961.788271973.13212996营业成本9165.779212129283.6210.471921188336143640.7310854733营业税金及附加378.6134471351053942643007存货44.0343.44442454665757销售费用39.00427239.76435247.48其他181.64128.65175571531019997378.7643677452.15507.79553923,667.013,628847,1455013099.14研发费用130.65153.63150.7215926184643001.753115.743.135743145.74315574财务费用3375.012.939462482.712514172.407.12固定资产12430453124.72397133328.76131039.93资产信用减值损失1271)4588000在建工程16355.5322.640.7923712631485632公允价值变动收益102.670.00无形资产6008.926.137.685923.69投资净收益34050249892958429541其他2837.782.78478279037277167其他0.00156,98727159,25052160,494.827,177298316.809,0675910374.8811,150.75160,654.2716287937164402,95167,1903817245123营业外收入3797566597531101.754282.6阅4.107.432000.00200000营业外支出4747329139273955369114533239.1014871287.622075282923210,341.9211,12137其他2135.9916848.79165852417.015.1217810A6所得税852.921.0161711025012617113568122.613.0621389572084139193027420,017.98793438714465371247.6270000.0070000.0070.00000443.1447489517855926463730应付债券0.000000000000.005837546,801267416538497579,12728其他35.5463.9239523408430320380.4705171802.1871,7115570366.12703952370,408.4393,08111912075089,8979790426.411863.17229372256751286193202120222023E2024E2025E18.000.0018.000.00180000018000.0018.00000资本公积188923918842.60188426018842.601884250493%184%1231%9.08%14127.751732739207536724674.752889136903%1442%其他133434113573.781330545134075513.28932075%1651%905%1444%7.54%73,1954577492418202482160,6542716287937164402,95167,1903817245123毛利率5453%5643%5688%5669%54.95%净利率2890%3217%3445%3510%34.60%ROE907%10.04%1046%1153%ROIC6A0%691%7.62%202120222023E2024E2025E净利润7276.157.41653848757912726资产负债率5715%55A8%5733215516305.72271646553667409净负债率12056%11420%10686%82.07%财务费用3390592964512514.17240712流动比率016017019037投资损失(34050(2498929584)(29541016017019营运资金变动1255130780373015917其它1304.4980328517855926463730121612861286128616,493.9716,618.1515,213.0018,1375019124.56476324934349113470.04资本支出274246597089总资产周转率0120130130.15长期投资114.00200010.001000其他13821970320410.47051(539021)7,921155,70459)092092101106(393752)4.62160(24071☑3764.164402.71578(4537.18)4.78324其他14169☑0000.00(000市盈率2159185314851380844713)8474.70(9,40484)市净率1961861781590.000000.000.0012.03117311.7910278562498834.145785.6717.4217.6415431426资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明
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